| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5641 |
| DP5641 Is Central Bank Transparency Desirable? | |
| Anne Sibert | |
| 发表日期 | 2006-04-19 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Several authors have recently interpreted the ECB's two-pillar framework as separate approaches to forecast and analyse inflation at different time horizons or frequency bands. The ECB has publicly supported this understanding of the framework. This paper presents further evidence on the behaviour of euro area inflation using band spectrum regressions, which allow for a natural definition of the short and long run in terms of specific frequency bands, and causality tests in the frequency domain. The main finding is that variations in inflation are well explained by low-frequency movements of money and real income growth and high-frequency fluctuations of the output gap. |
| 主题 | International Macroeconomics |
| 关键词 | Spectral regression Frequency domain Quantity theory inflation Money growth |
| URL | https://cepr.org/publications/dp5641 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534483 |
| 推荐引用方式 GB/T 7714 | Anne Sibert. DP5641 Is Central Bank Transparency Desirable?. 2006. |
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